Saw it today, in 3D. I usually don't care for 3D, as it's often poorly done and just a silly gimmick, but I liked it here. I loved the physical look and feel of OZ. Technically, I thought the film was very well made, but I didn't care for Franco much in the role; the china doll had more charisma, frankly. Some of the characters fell a bit flat, seemed disconnected somehow. However, it was fun, bits of it were charming and the evolution of the witches was somewhat interesting.
I gave it a solid B. I think the grade school crowd and their parents will really enjoy it, but the very young will be scared witless by the flying monkeys and cackling witches.